Macroeconomic News
Before Trump's election, he took further action to suppress oil prices; it is reported that he plans to relax the restrictions on the use of tax-exempt "red diesel".
According to a report by Bloomberg on Monday, October 5th, Eastern Time, the Trump administration plans to relax restrictions on the use of "red diesel" ( dyed red diesel ). It is expected that the relevant measures will be announced as early as Monday itself. The report, citing sources familiar with the matter, states that the specific details have not yet been fully determined, but this move will allow tax-free red diesel to be used more widely, possibly including its application in road vehicles. Red diesel is mainly used in agricultural machinery and other non-road equipment, and due to being exempt from federal highway fuel taxes, its price is usually lower than that of regular highway diesel. If the government relaxes these usage restrictions, diesel users such as truck drivers are expected to be able to reduce costs by using this tax-free fuel.
Houthi militants claim to have carried out three rounds of strikes against Saudi Arabia
A spokesman for the Houthi rebels in Yemen, Yahya Sarea, issued a statement late on the night of October 5th local time, stating that in response to Saudi attacks on Yemen over the past 24 hours, the Houthi forces carried out three rounds of military operations on that day. They used a large number of ballistic missiles, cruise missiles, and drones to attack Riyadh International Airport, the capital of Saudi Arabia, the Saudi Aramco refinery in the Red Sea coastal city of Rabigh, as well as Abha Airport, the Hmeimesh Mokhasset base, the Akifa military camp in Asir Province, and several sensitive targets in Najran and Jizan Province.
Meanwhile, Saudi Arabia, Pakistan, and Turkey held an emergency meeting of the Strategic Political and Defense Committee of the "Mecca Defense Alliance" in Riyadh and issued a joint statement announcing the activation of a collective defense mechanism. The statement stated that the committee decided to immediately proceed with the implementation of the collective defense commitments and take necessary measures to ensure that the agreed military forces and related capabilities could be rapidly deployed within Saudi territory in accordance with the approved arrangements and the domestic laws of each member country.
In the first round of the general election, Jair Bolsonaro "surprisingly led" over Lula; JPMorgan Chase raised its rating on Brazilian stocks to "overweight"
Saudi Aramco CEO Warning: The global oil supply "safety cushion" has become worryingly low
The head of Saudi Arabia's state-owned oil company warned that global oil inventories, which are used to buffer supply shocks, have reached “a worrying low.” If the Strait of Hormuz cannot be reopened, the risks faced by the oil market could further intensify. Nasser stated that releasing a portion of the remaining global inventories could buy some time for the economies of various countries, but it would not resolve the imbalance between supply and demand.
The craze has driven the wealth of tech billionaires to soar by $845 billion, with Elon Musk accounting for nearly 40% of that amount.
According to the Bloomberg Billionaires Index, among the world's 500 richest individuals, about 100 billionaires in the tech industry saw a combined increase in wealth of $845 billion in the first nine months of this year, setting a new historical high for the same period. Meanwhile, the wealth of billionaires in non-tech fields decreased by a total of $62 billion during the same time. Elon Musk alone added $310 billion to his wealth in the first nine months, accounting for approximately 40% of the total increase in the index.
US stock market quotes
Tech stocks provide strong support, the NASDAQ reaches new highs again, and Chinese concept stocks surge
On Monday, the three major U.S. stock indices rose collectively, with the Nasdaq index hitting a record high driven by large tech stocks such as NVIDIA and Microsoft. Investors are paying attention to the decline in oil prices and showing strong tolerance to the rising yields of U.S. Treasury bonds.
As of the close, the S&P 500 index rose 0.66% to close at 7,773.95 points; the Nasdaq index rose 1.05% to close at 27,477.31 points; the Dow Jones Industrial Average rose 0.18% to close at 51,267.90 points.
Among the star tech stocks, NVIDIA's stock price rose by 2.1%, setting a new historical closing high, with the company's market value reaching $5.76 trillion. Google rose by 0.86%, Tesla by 2.2%, Microsoft by 1.48%, Meta by 1.9%, Amazon fell by 0.05%, and Apple fell by 0.24%.
Popular Chinese concept stocks are rising: Century Internet is up 6.14%, Alibaba is up 4.68%, Kingsoft Cloud is up 3%, Baidu is up 3.17%, Tencent is up 3.3%, JD.com is up 2.25%, Bilibili is up 2.15%, and NetEase is up 1.85%.
Individual Stock Information
NVIDIA's stock price hits a new high, and Morgan Stanley once again lists it as its top pick for semiconductors
NVIDIA rises 2.1%, with a market value approaching $6 trillion. Morgan Stanley has recently released a research report, re-designating the chip giant NVIDIA as its top pick in the semiconductor sector, maintaining a “overweight” rating and setting a target price of $300. Institutions believe that the industry’s bottleneck is rapidly shifting from semiconductor capacity constraints to the construction speed and financing models of new data centers. NVIDIA fully leverages its product architecture, global customer ecosystem, and financing capabilities to capture these industry benefits. They are also optimistic about the incremental gains brought by Muse intelligent agents and new customer collaborations, indicating that the company’s valuation has room for upward movement. Morgan Stanley emphasizes that NVIDIA’s current price-earnings ratio (P/E) for the fiscal year 2028 is only 15 times, making its valuation highly attractive. Even if the P/E ratio does not expand, strong performance growth is expected to still provide solid investment returns.
Spacex Hits a New High Since July; Musk "Reclaims" the Title of Billionaire with a Net Worth of Trillions of Dollars
SpaceX Shares soared nearly 8% on Monday, pushing Elon Musk's net worth back over one trillion dollars to around 1.03 trillion dollars, reclaiming the top spot among the richest individuals. Morgan Stanley released a bullish report setting a target price of $300, stating that the company's value is undervalued. Multiple factors drove the upward trend, including expectations for Starship recovery, AI business expansion, and a defense contract worth over $12.7 billion.
Meta, Microsoft tries to reduce employees' dependence on Claude: The number of internal users of Meta is halved, and Microsoft cuts its budget by one-third
Microsoft's internal Claude budget has been cut by more than one-third from its peak, and the number of Claude Code users within Meta Platforms has decreased from about 60,000 to 30,000. Both companies emphasize that external customer demand is still growing, but the shrinkage in internal usage is putting pressure on Anthropic. The Anthropic IPO prospectus shows that two major customers contribute approximately 25% of the revenue. Although the specific customers are not named, it is highly likely that Meta and Microsoft are one of these two major customers.
TSMC reaches a new high again, with a total market value of over $2.5 trillion
TSMC rose nearly 3% today, reaching $485.8 per share and setting a new high, with a total market value of $2.52 trillion. In terms of news, previously Musk responded to reports that TSMC might be involved in the Terafab project by stating that it is only in the discussion stage, but "there could be some progress."
Cerebras rises by over 9%, Altman calls it a “close partner” of OpenAI
Cerebras's stock price rose by over 9%. Last Friday, Altman stated on social media that Cerebras is a "close partner" of OpenAI, and the two parties "maintain deep cooperation in cutting-edge fields." Last week, Cerebras's stock price tumbled by 20% cumulatively, reaching its lowest level since listing on NASDAQ. The trigger was OpenAI's choice to use NVIDIA GPU instead of Cerebras chips for the "Ultrafast" mode of GPT-6.1 Sol, which sparked concerns about the stability of its core customer relationships.
Boeing has received an unpriced contract worth approximately $14.7 billion from Lockheed Martin to expand the production scale of the PAC-3 ® “Missile Segment Enhanced” ( MSE ) warhead and to complete deliveries.
Critical Metals rose by 6.8%, and the company received Greenland's approval for its Tanbreez project mining and mine closure plan.
PTC Inc Stock price soars 33% after Schneider Electric of France agreed to acquire this software company for $22.6 billion in cash.
Vaxcyte rose by 30%, and the company's pneumococcal vaccine has met the targets of the later-stage clinical trials.
RXO Inc's stock price has risen by more than 22%, following which the logistics company C.H Robinson Worldwide agreed to acquire this transportation broker in exchange for $5.8 billion in cash and shares.
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Hong Kong Stock Market Outlook
AB InBev Asia-Pacific: Internal reorganization resulted in $52 million in tax expenses, and a provision of $30 million was made for accounts receivable in India.
Shiyao Group: Progress on 8 latest clinical trials to be announced at the 2026 Annual Meeting of the European Society of Medical Oncology ( ESMO ).
Sihuan Medicine: The new specification of Hyaluronic Acid Injection (product name: Dongyan) has been approved for marketing by the National Medical Products Administration.
Today's Focus
Keywords: U.S. trade balance
In terms of economic data, the US trade balance for August, the Global Supply Chain Pressure Index for September, and the weekly changes in ADP employment numbers were released.
On the company side, OpenAI Chief Strategy Officer will travel to Sydney to participate in activities related to the Australian AI Cyber Risk Working Group.
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